Capital Banking Solutions and Berytech Fund II Announce USD 5 Million Equity Investment
During a press conference held at Le Gray Hotel on Tuesday, June 5, Capital Banking Solutions (CBS) and Berytech Fund II announced a USD 5 million equity investment of Berytech Fund II in CBS’ capital.
Commenting on the investment, Samer Hanna, Chairman and CEO of Capital Banking Solutions, said: “CBS offers a full suite of innovative software solutions to the financial services industry. Our rapid growth driven by our simple yet powerful banking products reaches more than 250 banks and financial institutions spread over 60 countries. The extensive banking expertise of our more than 250 professionals serves clients from our offices in Beirut, Paris, Monaco, Geneva, New York, Miami and Abidjan, with Universal Conventional and Islamic Banking, Private Banking and Wealth Management, Digital Engagement and Compliance solutions. Today, we’re very excited to work with Maroun Chammas and the Berytech team as we continue to bring pertinent products to more banks and financial institutions around the world.”
Maroun Chammas, Chairman of Berytech Fund II, underlined that “Berytech Fund II’s objective is to invest in Lebanese SMEs with high growth potential and high human added value, which contribute to the knowledge economy. Capital Banking Solutions falls into this category and we are very excited to invest USD 5 million – our biggest investment to date – into their future to help them grow their specialised banking solutions and tools. We are also looking forward to being part of the Board of the company which is one of the largest IT players in the country and the region. CBS is giving Lebanon the opportunity to play a leading role in shaping the future of financial and monetary systems through innovation. And we, at Berytech, understand this subject all too well since we have been supporting innovative companies to scale up for over 16 years, with the goal to shape the tech and innovation scene in the region using Lebanon as our launch pad.”
The gathering was also an opportunity to announce the launch of CBS’s new brand identity, direct consequence of the company’s sound expansion overseas and rising positioning as a leading banking services provider.
“We wanted to refresh the visual of the brand while keeping the familiar sentiment of trustworthiness and authority”, said Samer Hanna. Today, the Capital Banking Solutions “Innovation Conduit”, with its inside right angles and external curves, represents the pedigree of traditional core banking while breaking and evolving the boundaries of the traditional core banking “box”. He added: “Joining forces with Berytech could not have come at a better time: adding to CBS’s new image, our combined know-how and broad understanding of the market’s changing needs give us the right tools to provide even more banks and financial institutions with intuitive, competitive and connected solutions.”
About Berytech Fund II
Berytech Fund II is a 51 million US Dollar Beirut-based Venture Capital Fund. The funds were received from major banks in Lebanon under the Circular 331 issued by the Central Bank of Lebanon, an initiative that has played a massive role in the activation of the entrepreneurial ecosystem in the country. This fund comes following the extensive support provided by Berytech in the successful building, promotion and management of an ecosystem for start-ups and growing companies over the past 15 years. The Fund’s objective is to invest in small and medium-sized Lebanese enterprises with high growth potential, high human added value, and that fall in the scope of the knowledge economy. The Fund mainly targets startups which have the ability to scale up seamlessly, in their acceleration phase. Industries and sectors covered are Information & Communication Technology, Digital Content, Industrial & Product Design, Fashion Design and Renewable Energies.